Finance
Senate passes compromise masking bill as Democrats walk out over campaign finance reform addition
RALEIGH, N.C. (WTVD) — Senate Republicans passed a compromised version of HB 237, part of a vote which sparked a walk-out from Senate Democrats.
The Unmasking Mobs and Criminals Act enacts more restrictions on wearing a mask in public and stronger penalties for those who wear a mask while committing a crime.
Last month, the House voted against the bill, following pushback from healthcare advocates and people with medical issues who felt it was too far-reaching. That vote led to a conference committee and updated text, which includes a specific exemption for “any person wearing a medical or surgical grade mask for the purpose of preventing the spread of contagious disease.” Other exemptions include masks for traditional holiday costumes, theatre productions and work-related reasons.
“The new language in the mask bill was suggested by DHHS to ensure that individuals who have legitimate health concerns can wear a surgical or medical-grade mask in public,” said Lauren Horsch, Spokeswoman for Senate President Phil Berger, in a statement.
The bill states that a person must remove their mask upon request by law enforcement or by the owner of public or private property for the purposes of identification.
“I’m not sure it provides enough protection for people who have health concerns about protecting their health when they’re in public. And there are a couple of provisions in there, I think, that raised a few questions,” said Rep. Brandon Lofton, a Democrat who represents Mecklenburg County and serves as the House Legislative Chair.
While the first four sections of the bill read Thursday morning were about masking, the fifth section focused on campaign finance reform.
“The campaign finance changes in the bill are so significant that we did not even discuss or examine the mask provisions,” said Sen. Jay Chaudhuri, who represents Wake County and serves as the Senate Democratic Whip.
In response to the added section, Democrats protested the vote, walking out of the legislative chambers. Ultimately, all 28 Senate Republicans who were present supported the legislation. On the Democratic side, a dozen lawmakers, including Chaudhuri, were listed as “Not Voting,” while the other eight Democrats were listed as “Excused Absence.”
“It removes the compliance of a federal political action committee with state election laws. Those state election laws provide for additional disclosures of whether a millionaire, for example, makes a contribution to the Federal Election Political Action Committee and to it removes any registration that’s required by the Political Action Committees, Treasurer or Deputy Treasurer. By removing the Treasurer from this bill, the State Board of Elections believes that there’s some kind of campaign finance violation. They’re not going to be able to subpoena anybody from that political action committee here in the state of North Carolina,” Chaudhuri asserted.
He also criticized how the bill was introduced, through a conference committee, rather than as a standalone bill.
“It is a significant change that warrants more sunlight, more debate and more discussion by the public. The fact of the matter is, they tried to rush this through the dark of night, so to speak, without any discussion or debate that it would arise,” said Chaudhuri.
“I think more transparency and more disclosure is good for democracy,” added Lofton.
While acknowledging concerns about how the bill was introduced, Jim Stirling, a Research Fellow with The John Locke Foundation, believes some of the rhetoric surrounding its impact is overblown.
“If a billionaire wanted to drop, I’m going to use this as an example, $250,000 into a state party committee or an executive leadership committee, they can currently do that under state law. That’s not being changed here, and they already have that avenue to do it. Nothing here is being modified to allow billionaires to come in and just drop more money into it. The real change is mostly paperwork changes,” said Stirling.
In a statement, Lauren Horsch, Spokeswoman to Senate President Phil Berger wrote:
“Elections made during the 2020 election that benefited certain political organizations that were aligned with Democratic groups. That decision essentially changed campaign finance laws without legislative action and treated political organizations differently because of their affiliation. This change brings much needed parity and restores our campaign finance laws to where they were before the state board’s collusive decision – and highlights the need for a bipartisan board of elections.”
“It doesn’t really address any of the monetary changes of committees, and it doesn’t change anything about state level executive committees or party committees because they can already receive unlimited contributions,” said Stirling.
The bill now heads to the House.
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Finance
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Finance
From employee perks to asset management: Hitechzone expands into finance | CTech
The consumer club Hitechzone and the financial firm Mor Langermann are acquiring control of the investment house Kivun at a valuation of NIS 5 million. In the first stage, the two acquiring entities will each hold 30% of the company (60% in total). They will later be joined by Gabi Dishi, one of the owners of hedge fund firm Alpha, who will initially hold 9%, with the option to increase his stake to up to 20%.
The agreement also includes an option to raise the combined holding to 83%. In addition, capital will be injected into the investment house to support growth and expand its operations. The transaction is expected to close within the coming month.
Kivun is currently owned by founder Beni Mozes (40%), Dr. Jan Reuven (16%), CEO Avi Meir (5%), and additional minority shareholders. The acquiring group will purchase all of Mozes’ shares, part of Reuven’s holdings, and the remaining shares from smaller investors. Mozes, aged 83, has been seeking a buyer for his stake for the past year. Despite the change in control, Mozes and Meir are expected to continue managing the company’s mutual funds and portfolio management activities. Mozes declined to comment on the deal but confirmed that control is being sold.
The company manages approximately NIS 350 million in assets, of which about NIS 250 million is in mutual funds, with the remainder in managed investment portfolios. The mutual funds are not operated independently but are managed under a “hosting” model, with operational services provided by Ayalon Investment House. The mutual fund industry remains one of the public’s main savings channels for the short- and medium-term and currently manages a record NIS 835 billion in assets.
Hitechzone’s acquisition of control over the investment house comes as a surprise to industry observers. According to senior mutual fund executives, the consumer club, which targets employees in the high-tech sector, may in the future seek to market investment management services and portfolio products to its members, with a focus on the technology sector. Hitechzone already maintains collaborations with financial institutions across banking and long-term savings, meaning its management will likely need to reassess its policy regarding the distribution of financial products.
Hitechzone is controlled by Ronen Dagan (25.2%) and Noam Busidan (24.2%) and is operated under its parent company, High Biz. It is considered one of Israel’s largest and most influential consumer clubs. The club serves employees in the high-tech industry and has more than 370,000 members across over 2,500 companies. Unlike other consumer clubs, membership is not open to the general public and is limited to organizational affiliation.
Over the years, the club has expanded beyond consumer discounts into a range of business activities. In e-commerce, it operates an online retail platform that grew following the acquisition of the Walla Shops website and is supported by an independent logistics network and a large distribution center.
In addition, the core of the club’s financial activity is based on a dedicated credit card issued in partnership with Cal. Its broader influence is also reflected in strategic collaborations in capital markets and retail. Among other initiatives, the club operates a joint banking service with Bank Hapoalim under the “Poalim Hitechzone” brand, offering members preferential account terms. It is also active in the automotive sector through Hitechzone Motors, which provides new vehicle purchases on discounted terms, and periodically organizes real estate and mortgage initiatives for members.
Hitechzone’s shareholders also include the Menora Mivtachim Group, through Menora Mivtachim Pension and Provident Funds (12.9%) and Menora Mivtachim Insurance (4.4%). The transaction therefore marks an indirect return of the group to the mutual fund sector, after it previously merged its mutual fund operations with Altshuler Shaham in 2017.
For Mor Langermann, the deal is expected to broaden its activity base. Mor Langermann Capital is a relatively new participant in the underwriting sector, while the banking firm itself was founded in 2015 by Uri Mor and Etty Langermann.
The strategic rationale behind the joint acquisition remains unclear. Sources involved in the transaction say the main driver was the relatively low valuation at which the investment house was offered. The investment management industry, particularly mutual funds, has undergone significant consolidation in recent years.
Ronen Dagan said: “We at Hitechzone are committed to maximizing the purchasing power of high-tech employees. Our strategy includes developing ventures and investments in key areas such as real estate, automotive, and finance. These are the categories where club members spend the most, and therefore where we can create the greatest savings and value for them.”
Finance
Campaign finance reports show big contributions in Lubbock council race
The five candidates for Saturday’s Lubbock City Council District 4 special election filed campaign finance reports showing political contributions from some notable area organizations and community leaders.
The June 27 special election will determine who will replace Councilman Brayden Rose in the south-central Lubbock council seat. Rose announced his resignation earlier in the year and will formally vacate his seat on the Lubbock City Council once the district elects his successor.
Which candidates are on the ballot for District 4?
Here is the list of candidates as they appear on the ballot for the City of Lubbock special election:
- Gary Boren — retired businessman, former city councilmember and member of the Brazos River Authority Board.
- Stephanie Ferran — Lubbock small business owner and life coach.
- Tim Green — local homebuilder, owner of Tim Green Homes and former fireman.
- Bill Curnow — cybersecurity professional with Plains Cotton Cooperative Association and community volunteer.
- Boyd Goodloe — Lubbock Area Director for Access Rentals, former Lubbock ISD school board candidate and a youth minister.
Who led in fundraising for the District 4 special election?
Here’s a look at campaign contributions and in-kind donations the five candidates reported in their 30-day and 8-day campaign finance reports, according to documents from the Lubbock City Secretary’s Office.
Green came into Saturday’s special election leading the fundraising battle during the relatively short election cycle that began in the spring.
According to their 8-day campaign finance reports filed with the city, Green reported $16,235.80 in contributions in June compared to $10,400 for Boren during the period.
Their 30-day reports filed in May showed Green reported $21,600 in contributions compared to $0 for Boren during the initial reporting period through late May. Curnow reported $1,740.11 in contributions during the initial reporting period, with Goodloe reporting $378 in contributions and Ferran $0 at that time.
Curnow reported $183.23 in contributions in his eight-day report, while Ferran reported $0 and Goodloe reported $87.45 during the period.
Notable contributions for Boren included $5,000 from businessman and Texas Tech System Regent Dusty Womble, $1,000 from Carl and Gloria Toti and $1,000 from Mike and Suzie Liner, among other smaller contributions.
Notable contributions for Green included $5,000 from the 806 Advantage PAC, $4,000 from Scott Leach along with several $1,500 or $1,000 contributions from other area businesses people and entrepreneurs. Green also reported $10,500 in in-kind contributions from the Lubbock Professional Firefighters Association.
Curnow reported a $1,000 contribution from psychologist Philip Davis among several other smaller contributions.
In their 8-day reports, the candidates also included total expenses for the period, including: Boren with $19,032.57 ($3,948.07 in his 30-day report), Curnow with $886.69 ($1,494.14 in his 30-day), Ferran with $0 ($464 in her 30-day), Goodloe with $673.43 ($266.67 in his 30-day), and Green with $10.90 ($12,864.20 in his 30-day).
Adam D. Young is the Editor of the Lubbock Avalanche-Journal and Amarillo Globe-News in Texas. Have a news tip for him? Email him at ayoung@lubbockonline.com.
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